Benchmarks as Limits to Arbitrage: Understanding the Low
... environments. That low beta is high alpha is a robust historical pattern. • The transaction costs of monthly rebalancing were substantially higher for the highvolatility portfolio, which means that the relative performance in Figure 1 is understated. We found similar results under yearly rebalancing ...
... environments. That low beta is high alpha is a robust historical pattern. • The transaction costs of monthly rebalancing were substantially higher for the highvolatility portfolio, which means that the relative performance in Figure 1 is understated. We found similar results under yearly rebalancing ...
Financial equilibrium with career concerns
... ask: What are the equilibrium features of a financial market in which a sizeable proportion of traders face implicit incentives of the kind that drive US mutual funds? As a starting point, we draw upon the burgeoning theoretical literature on career concerns for experts (e.g. Holmström and Ricart i ...
... ask: What are the equilibrium features of a financial market in which a sizeable proportion of traders face implicit incentives of the kind that drive US mutual funds? As a starting point, we draw upon the burgeoning theoretical literature on career concerns for experts (e.g. Holmström and Ricart i ...
NBER WORKING PAPER SERIES George M. Constantinides
... each period is taken to represent 20 years. By restricting our attention to an exchange setting, we focus on the purely re-distributive effects. That is, we assume that the technological or other mechanisms that give rise to the yearly aggregate income process of the United States economy are invari ...
... each period is taken to represent 20 years. By restricting our attention to an exchange setting, we focus on the purely re-distributive effects. That is, we assume that the technological or other mechanisms that give rise to the yearly aggregate income process of the United States economy are invari ...
Morningstar High Growth Real Return
... profits and net realised capital gains from the sale of rights, the complaints process, applications, assets. redemptions, Fund reporting and investor notices. Distributions will be made at least annually on 30 Also, additional fees and costs to those disclosed in June, but are generally paid quarte ...
... profits and net realised capital gains from the sale of rights, the complaints process, applications, assets. redemptions, Fund reporting and investor notices. Distributions will be made at least annually on 30 Also, additional fees and costs to those disclosed in June, but are generally paid quarte ...
InnovFin Equity Investment Guidelines
... Means either an InnovFin Final Recipient or an EFG Final Recipient. InnovFin Financial Intermediary or EFG Financial Intermediary. Means either an InnovFin Fund Agreement or EFG Agreement, as appropriate. In the case of a Multi-Stage Financial Intermediary, any such single agreement where the EIF co ...
... Means either an InnovFin Final Recipient or an EFG Final Recipient. InnovFin Financial Intermediary or EFG Financial Intermediary. Means either an InnovFin Fund Agreement or EFG Agreement, as appropriate. In the case of a Multi-Stage Financial Intermediary, any such single agreement where the EIF co ...
GOVERNMENT SHAREHOLDING AND FINANCIAL HEALTH OF
... In some OECD countries, it was common for the government to be a major, or even sole shareholder in key firms and to use resources of these firms in their self-benefit before 1990. However, the problems caused by this state ownership (political meddling in company policy, lack of investment resource ...
... In some OECD countries, it was common for the government to be a major, or even sole shareholder in key firms and to use resources of these firms in their self-benefit before 1990. However, the problems caused by this state ownership (political meddling in company policy, lack of investment resource ...
2003fe15 - General Guide To Personal and Societies Web
... exchanges they were able to deny these firms access to the capital markets. The result was the dismantling of these protective measures until they were virtually extinguished by the 1980’s. The elimination of dual class shares and pyramids in the UK was therefore due to the dominance of institutiona ...
... exchanges they were able to deny these firms access to the capital markets. The result was the dismantling of these protective measures until they were virtually extinguished by the 1980’s. The elimination of dual class shares and pyramids in the UK was therefore due to the dominance of institutiona ...
have Higher Stock Returns? - IC
... broad market. The authors concluded that companies on the list have more “stable and highly positive workforce attitudes” (Fulmer, Gerhart, & Scott, 2003, p. 965). In addition, these enterprises have performance advantages over the broad market, for example, ratios like ROA and market-to-book were b ...
... broad market. The authors concluded that companies on the list have more “stable and highly positive workforce attitudes” (Fulmer, Gerhart, & Scott, 2003, p. 965). In addition, these enterprises have performance advantages over the broad market, for example, ratios like ROA and market-to-book were b ...
This PDF is a selec on from a published volume... Bureau of Economic Research
... value . Recall that k2,0 references the capital held by the old (generation 2) at time zero. Also note that median values refer to the medians taken across all simulations for all periods in which the economy is still functioning. Table 5.2 shows the median wage wmed , the median capital stock kmed ...
... value . Recall that k2,0 references the capital held by the old (generation 2) at time zero. Also note that median values refer to the medians taken across all simulations for all periods in which the economy is still functioning. Table 5.2 shows the median wage wmed , the median capital stock kmed ...
Number Slumber Understanding Rating Agency Evals 8
... position and strategy... ALAS’ reinsurance program provides significant protection... Fitch also believes ...
... position and strategy... ALAS’ reinsurance program provides significant protection... Fitch also believes ...
Revenue Sharing Fund Families
... Fund family representatives are allowed to occasionally give nominal gifts to Financial Advisors, and to occasionally entertain Financial Advisors (subject to an aggregate entertainment limit of $1,000 per employee per fund family per year). Morgan Stanley’s non-cash compensation policies set condit ...
... Fund family representatives are allowed to occasionally give nominal gifts to Financial Advisors, and to occasionally entertain Financial Advisors (subject to an aggregate entertainment limit of $1,000 per employee per fund family per year). Morgan Stanley’s non-cash compensation policies set condit ...
RetireView - Principal Financial
... An investor profile quiz helps the participant learn his or her risk-tolerance level. And then he or she can use that information to help choose a RetireView model based on risk and time left to retirement. Then the participant’s current balance is allocated according to the investment options in th ...
... An investor profile quiz helps the participant learn his or her risk-tolerance level. And then he or she can use that information to help choose a RetireView model based on risk and time left to retirement. Then the participant’s current balance is allocated according to the investment options in th ...
Performance Evaluation
... because P0 is a "time-zero" value. The rest of the cash flows is split into two: half is modeled as being paid at the beginning (and thus needs to be compounded forward at the rate R), while the other half is modeled as being paid at the end and thus does not need any compounding since its "spot on ...
... because P0 is a "time-zero" value. The rest of the cash flows is split into two: half is modeled as being paid at the beginning (and thus needs to be compounded forward at the rate R), while the other half is modeled as being paid at the end and thus does not need any compounding since its "spot on ...
Annual Report - San Francisco Employees` Retirement System
... our exposure to high quality debt and private debt. In private equity, we have reduced our exposure to large cap buyout and increased our allocation to country, regional, and sector specialists. In real assets, we broadened our exposure from a real estate focus to include natural resources. Environm ...
... our exposure to high quality debt and private debt. In private equity, we have reduced our exposure to large cap buyout and increased our allocation to country, regional, and sector specialists. In real assets, we broadened our exposure from a real estate focus to include natural resources. Environm ...
QFI CORE Model Solutions Fall 2014
... A zero mean reverting process is one with a zero mean in the long run. This means that E ( X t ) = 0 as t ∞, which holds true for the given process. The speed at which it reaches zero is controlled by the parameter α. The larger this value, the faster the process will return to zero. (d) ...
... A zero mean reverting process is one with a zero mean in the long run. This means that E ( X t ) = 0 as t ∞, which holds true for the given process. The speed at which it reaches zero is controlled by the parameter α. The larger this value, the faster the process will return to zero. (d) ...
Performance Evaluation
... because P0 is a "time-zero" value. The rest of the cash flows is split into two: half is modeled as being paid at the beginning (and thus needs to be compounded forward at the rate R), while the other half is modeled as being paid at the end and thus does not need any compounding since its "spot on ...
... because P0 is a "time-zero" value. The rest of the cash flows is split into two: half is modeled as being paid at the beginning (and thus needs to be compounded forward at the rate R), while the other half is modeled as being paid at the end and thus does not need any compounding since its "spot on ...
introduction to financial statements
... M. Nowicki defines assets “as economic resources that provide or are expected to provide benefit to the organization” Hmm… does that really help you? ...
... M. Nowicki defines assets “as economic resources that provide or are expected to provide benefit to the organization” Hmm… does that really help you? ...
Efficient Bailouts? - Federal Reserve Bank of Minneapolis
... to reduce the level of financial fragility.5 In particular, Jeanne and Korinek (2011) study a stylized three-period model with a fire-sale externality and show that there is scope for both ex-ante and ex-post policy intervention.6 The inefficiency in this literature relates to the effects of an inte ...
... to reduce the level of financial fragility.5 In particular, Jeanne and Korinek (2011) study a stylized three-period model with a fire-sale externality and show that there is scope for both ex-ante and ex-post policy intervention.6 The inefficiency in this literature relates to the effects of an inte ...
The Bear Stearns Companies Inc.
... Form 10-Q, current reports on Form 8-K, proxy statements and Forms 3, 4 and 5 filed on behalf of directors and executive officers and any amendments to those reports filed or furnished pursuant to the Exchange Act, as soon as reasonably practicable after it electronically files such material with, o ...
... Form 10-Q, current reports on Form 8-K, proxy statements and Forms 3, 4 and 5 filed on behalf of directors and executive officers and any amendments to those reports filed or furnished pursuant to the Exchange Act, as soon as reasonably practicable after it electronically files such material with, o ...
Benefits and Costs of a Higher Bank Leverage Ratio
... Figure 1 provides a timeline of the enactment of major banking laws along with the evolution of the capital-to-asset ratio. The figure identifies laws that altered the regulatory environment, including the restrictions on banks.5 For much of this period, the collusion between populist politicians an ...
... Figure 1 provides a timeline of the enactment of major banking laws along with the evolution of the capital-to-asset ratio. The figure identifies laws that altered the regulatory environment, including the restrictions on banks.5 For much of this period, the collusion between populist politicians an ...
Private equity secondary market
In finance, the private equity secondary market (also often called private equity secondaries or secondaries) refers to the buying and selling of pre-existing investor commitments to private equity and other alternative investment funds. Given the absence of established trading markets for these interests, the transfer of interests in private equity funds as well as hedge funds can be more complex and labor-intensive.Sellers of private equity investments sell not only the investments in the fund but also their remaining unfunded commitments to the funds. By its nature, the private equity asset class is illiquid, intended to be a long-term investment for buy-and-hold investors, including ""pension funds, endowments and wealthy families selling off their private equity funds before the pools have sold off all their assets."" For the vast majority of private equity investments, there is no listed public market; however, there is a robust and maturing secondary market available for sellers of private equity assets.Buyers seek to acquire private equity interests in the secondary market for multiple reasons. For example, the duration of the investment may be much shorter than an investment in the private equity fund initially. Likewise, the buyer may be able to acquire these interests at an attractive price. Finally, the buyer can evaluate the fund's holdings before deciding to purchase an interest in the fund. Conversely, sellers may seek to sell interest for various reasons, including the need to raise capital, the desire to avoid future capital calls, the need to reduce an over-allocation to the asset class or for regulatory reasons.Driven by strong demand for private equity exposure over the past decade, a significant amount of capital has been committed to secondary market funds from investors looking to increase and diversify their private equity exposure.